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Who is a Market Research Analyst?
Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals ~ David Ogilvy
In career as market research analyst, individuals provide support to organisations to improve the product concerning its specifications based on current trends in the market and increase its reach through advertisement and market their products and services. Individuals in market research analyst career paths are members of the marketing team at consumer and product firms. He or she works as well for consulting firms. Students can pursue a BBA (Bachelor of Business Administration), MBA (Master of Business Administration) to opt for a market research analyst career path in India. Here, in this article, we will discuss what is the job outlook for a market research analyst, market research analyst skills, market research analyst courses, market research analyst certification, how to become a market research analyst in India.
Market Research Analyst in a Nutshell
While doing online shopping, has ever a window popped up on your screen asking for feedback. Well, it is not even a fraction of what a market research analyst does. Individuals in market research analyst career path collect statistical data from reliable sources and analyses it to identify trends in the market and recommends ideas to launch an effective campaign.
Quick Facts for Market Research Analyst
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Average Salary in India
₹550000
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Suitable for
Male, Female, Others
A career as a market research analyst is suitable for everyone regardless of gender. There is no gender-based restriction in the career. One can find numerous opportunities to progress and opt for senior roles without any hindrance caused due to a specific gender.
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Any special needs
Yes
Candidates with special needs can also perform efficiently in this career. Individuals must possess proficiency in the computer as well as strong communication skills.
Table of Contents for Market Research Analyst
What is the role of Market Research Analyst?
Individuals who opt for a career as a market research analyst research the current market trends. His or her role comes with the responsibility of making insights easily visually appealing, digestible and actionable for clients. A career as a market research analyst demands to be creative and analytical at the same time. A market research analyst job responsibilities involve monitoring and predicting sales trends. He or she measures effective campaigns and discovers brainstorming ideas of effective ways of collecting data and crucial information. Individuals in market research analyst career path demand thorough research of consumers, competitors, products and markets in order to launch a campaign.
Research
As the name suggests market research analyst is a research professional who keeps an eye to detail on market trends and collects data to design a campaign and launch it in the market. He or she performs research SWOT( Strengths, Weaknesses, Opportunities and Threats) analysis.
Data collection
A market research analyst job role requires to collect data on consumers, competitors, product and market to provide support to the organisation in developing visually appealing and actionable advertisements.
Analysis
A market research analyst has to compile and analyse statistical data by using traditional or modern methods. He or she is responsible for providing competitive analysis to employer-based on market offerings of various companies, market trends, pricing, business models, sales and methods of operations.
Design Surveys
A research market analyst has to understand the business objectives to design surveys to get reliable data on prospective customers’ preferences. He or she is responsible for interpreting data and formulating reports to make recommendations.
Types of a Market Research Analyst
There are types of market research analysts. We have provided below some of the major types of market research analysts job descriptions with varying titles and responsibilities.
Equity Research Analyst: An equity research analyst is responsible for researching the assigned companies profile in which the client has is its share or investment. He or she recommends whether to buy the stock or sell it based on the market fluctuations.
Financial Analyst: A financial analyst analyses the financial data to identify the possible opportunities and evaluates them to make recommendations for crucial business decisions.
Operations Research Analyst: An operations research analyst utilise his or her analytical skills to solve complex problems and advise managers on price setting, allocating resources and scheduling production.
What is the workplace/work environment of Market Research Analyst like?
The work environment of market research analyst may vary depending on their varying roles and responsibilities. Several market research analyst has a desk-based role. In career as market research analyst, individuals work on a computer system. While several others have field jobs that involve taking surveys, conducting polls and interacting directly with the public to know their preference and collect information.
Does Market Research Analyst require travelling?
Likely
Individuals in market research analyst career path are required to travel to conduct polls, take surveys and take feed feedback from the public on their preferences.
Employment Shifts
Full Time
In career as market research analyst, individuals usually work from early mornings to late evenings. There are no other shifts in the career as market research analyst.
Employment Nature
Contractual, Permanent
Individuals in market research analyst career paths provide both types of opportunities contractual as well as permanent. It depends on the requirements of the employer. A market research analyst is part of the marketing team.
Work Place
On-Field, Office
Mostly research market agent serves as captive agents of companies while others work at consulting firms.
Presence in Geographical Area
Semi-urban, Urban
The employers of market research analyst are usually located in urban and semi-urban areas. Hyderabad provides promising employment opportunities to market research analyst with 46.4 per cent more pay than the national average.
Time Pressure
Likely
Individuals in market research analyst career path have to perform a thorough research of the market, design surveys and questionnaires for the public and conduct polls to get valuable feedback from consumers. He or she has to work under extreme pressure to meet deadlines.
Overtime Details
The work hours usually get stretched in the career as market research analyst. The work responsibilities of market research vary from company to company. Individuals who opt for a career as a market research analyst work on the computer system and use modelling software to interpret data while others have to travel to collect it.
Weekly Hours of Work
Min 40 Hours
Individuals who opt for a career as a market research analyst usually works from 8: 00 am to 5:00 am. The rest depends on the functioning schedule of the company or employing organisation. Work hours often get stretched due to work pressure.
How to become a Market Research Analyst?
Steps to become a Market Research Analyst
If you are eager to learn how to become a Market Research Analyst in India, you have come to the right place. In this section, we will walk you through the essential steps and qualifications needed to embark on this exciting career path. From education requirements to key skills, we have got you covered on your journey to becoming a Market Research Analyst in India.
What are the skills and qualities required to become a/an Market Research Analyst?
There are several requirements to become market research analyst. Acquiring a specific skill set is one of the requirement to become market research analyst. Here, in this section, we have discussed the market research analyst skills.
Communication Skills: Individuals in market research analyst career path are responsible for designing surveys that appeal to the audience and immediately seek action. It requires communication skills to put the relevant questions in the survey that the audience is interested in answering and provide feedback.
Problem Solving Skills: Individuals who opt for a career as a market research analyst are responsible for providing support to the organisation by making recommendations to launch an effective campaign in the market after researching,
Critical Thinking: A market research analyst has to brainstorm ways to collect data applying both traditional as well as modern methods. His or her recommendations are concerned with critical business decisions.
Attention to Detail: In career as market research analyst, individuals demand attention to detail to analyse and interpret statistical data. He or she can not miss out on any information in order to design the survey or other questionnaires to get valuable feedback.
Which certifications and internships can be helpful in becoming Market Research Analyst?
Certified Market Research Analyst and Adaptive Markets: Financial Market Dynamics and Human Behavior are two certification courses that candidates can opt for to upgrade their skills and knowledge for the market research analyst role and other relevant careers.
Internship Availability
One can find internship opportunities through various job portals such as naukr.com, monster, shine.in and glassdoor. A market research intern is required to survey preferences and collect statistical data. He or she provides with the responsibility of analysing autonomous trends, competition and strategy to increase competitiveness.
Career Path Progression for Market Research Analyst
We have provided below market research analyst careers according to the progression and experience in the industry.
Junior Market Research Analyst: A junior research analyst provides assistance to the senior market research analyst in designing surveys, preparing questionnaires and interpreting statistical data through computer software.
Senior Market Research Analyst: A senior market research analyst collects prospective consumer information by interviewing them through surveys and interprets the statistical data to make recommendations to develop and improve product and services.
Market Research Analyst Jobs and Salaries
Junior Market Research Analyst
- Average Salary 300000
Job Description
A junior market research analyst is responsible for providing assistance to senior market research analyst in the interpretation of statistical data using computer software to create graphs, pie charts and other visual representations.
Salary Description
A junior market research analyst could earn more than Rs. 300,000 per annum.
Senior Market Research Analyst
Contractual/Permanent
- Average Salary 800000
Job Description
A senior market research analyst is responsible for making recommendations and provides support to the marketing team and management to improve and develop product and services for the consumer market based on their preferences.
Salary Description
A senior market research analyst could earn more than Rs. 800,000 per annum.
What is the job outlook for Market Research Analyst?
The market research analyst career path is one of the promising careers in the industry. On average there is 26 per cent of growth till 2026 in the market. The growth opportunities are dependent on a reliable source of data to make effective business decisions. With the advancement of technology, the market is going to be data-driven and hence employers will be recruiting research market analysts to collect data, analyse and provide informed insights. It is one of the booming industries with average competition in the market. One can easily acquire the role by possessing the required skill sets and educational qualifications.
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Frequently Asked Questions for Market Research Analyst
Que. What is the average salary of market research analyst?
Ans.The average salary of market research analyst is Rs. 34,1579 in India, according to payscale.com.
Que. What is the minimum required degree to become a market research analyst?
Ans.A bachelor’s degree in statistics, sales and marketing, computational data or relevant specialisation is the minimum required educational qualifications of a market research analyst.
Que. What is the average fee of BBA in sales and marketing?
Ans.The average fee of BBA in sales and marketing ranges from Rs. 1 lakh to 7 lakhs.
Que. Is market research analyst a good career?
Ans.Yes, market research analyst is a rewarding career choice for individuals who are data-driven and enjoy analysing consumer trends. It offers opportunities for growth, competitive salaries, and the chance to make a significant impact on a company's strategy and decision-making process.
Que. How long does it take to become a market analyst?
Ans.The path to becoming a market analyst typically involves obtaining at least a bachelor's degree in a related field such as marketing, economics, or statistics, which usually takes around 3 to 4 years. To reach more advanced positions, it may require several years of work experience. As such, becoming a seasoned market analyst can take 5 to 10 years or more, depending on one's career goals and opportunities.
Que. Do you need an MBA to be a market research analyst?
Ans.While having an MBA can be advantageous, it is not always a strict requirement to become a market research analyst. Many professionals in this field hold bachelor's degrees in disciplines like marketing, business, economics, or statistics. However, an MBA may open up more senior and strategic positions and enhance your earning potential in the long run. It's a matter of personal career goals and specific job market conditions.
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There are 300 per cent more chances of success of B2B marketers with content strategy.
Fact 2
F2F surveys are still dominating the market.
Fact 3
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Blogs are more influential for making purchase decisions than magazines.
